African ethical credit manager, BFREE, has successfully secured $2.95 million in a recent funding round led by Capria Ventures, a Global South specialist in applied Generative AI.
The funding also saw participation from esteemed investors such as Angaza Capital, GreenHouse Capital, Launch Africa, Modus Africa, Axian CVC, and angel investors.
Transforming Credit Collection Across Emerging Markets
Founded in 2020 by Julian Flosbach, Chukwudi Enyi, and Moses Nmor, BFREE is committed to reshaping the credit collection landscape across emerging markets in Africa.
Leveraging AI technology, the company aims to empower consumers to address debt responsibly and provide effective, customer-centric solutions for lenders.
Strategic Growth and Partnerships
BFREE has experienced significant growth since its establishment, serving 4.5 million borrowers across Nigeria, Kenya, and Ghana.
The company has strategically partnered with major commercial banks, underscoring its pivotal role in client development within the region.
Capria Ventures’ Role in Global South Venture Capital
Capria Ventures, the leading investor in the funding round, specializes in venture capital, focusing on applied Generative AI.
With offices in Seattle, Bangalore, Buenos Aires, Nairobi, and Washington DC, Capria Ventures manages assets exceeding USD 188 million.
Empowering Risk Management Solutions
The funding infusion will enable BFREE to enhance its suite of risk management solutions customized for banks and lenders.
Originally focused on credit collection automation software, BFREE now evaluates and structures portfolio acquisitions, attracting third-party investors seeking opportunities in emerging markets’ credit portfolios.
CEO’s Vision and Commitment
CEO of BFREE, Julian Flosbach, emphasized the startup’s focus on addressing the challenges of risk management in African economies.
Through AI solutions, BFREE aims to help distressed borrowers while contributing to financial market stability across the continent.
Capria Ventures’ Perspective
Susana García-Robles, Managing Partner at Capria Ventures, highlighted the efficiency of Generative AI in scaling BFREE’s operations across the continent.
She expressed confidence in BFREE’s potential to create a secondary market for distressed assets in Africa.
Enthusiastic Co-Investor Support
Olivier Munyeshyaka of Angaza Capital, a co-investor in the funding round, expressed enthusiasm about partnering with BFREE.
Recognizing the potential of African markets, Angaza Capital sees opportunities to drive impactful change and unlock new opportunities across the continent alongside BFREE.
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